Like licensees in agency relationships, transaction
licensees must disclose known material defects about
• Regardless of
the business relationship selected, all licensees owe consumers the duty to:
• Exercise reasonable professional skill and care
which meets the practice standards required by the RELRA.
• Deal honestly and in good faith.
• Present, as soon as practicable, all written offers,
counteroffers, notices and communications to and from the parties. This duty may be waived by the seller where the seller's
property is under contract and the waiver is in writing.
• Comply with the Real Estate Seller Disclosure Law.
• Account for escrow and deposit
Disclose, as soon as practicable, all conflicts of interest and financial interests.
• Provide assistance with document preparation and
advise the consumer regarding compliance with laws pertaining to real estate transactions.
• Advise the consumer to seek expert
advice on matters about the transaction that are beyond the licensee's expertise.
• Keep the consumer informed about the transaction
and the tasks to be completed.
• Disclose financial interest in a service, such as financial, title transfer and preparation services,
insurance, construction, repair or inspection, at the time service is recommended or the first time the licensee learns that
the service will be used.
• The following contractual terms are negotiable between the licensee and the consumer and must be addressed
in an agreement/disclosure statement:
• The duration of the licensee's employment, listing agreement or contract.
• The licensee's fees or commission.
• The scope of the
licensee's activities or practices.
• The broker's cooperation with and sharing of fees with other brokers.
• All sales agreements must contain
the property's zoning classification except where the property is zoned solely or primarily to permit single family dwellings.
• The Real Estate
Recovery Fund exists to reimburse any person who has obtained a final civil judgment against a Pennsylvania real
estate licensee owing
to fraud, misrepresentation, or deceit in a real estate transaction and who has been unable to collect the judgment after
exhausting all legal and equitable remedies. For complete details about the Fund, call (717) 783-3658.
Before you disclose any financial information
to a licensee, be advised that unless you select a business relationship by signing a written agreement, the licensee is NOT
representing you. A business relationship is NOT presumed.
I acknowledge that I have received this disclosure.
Date: ________CONSUMER: __________________________________
I certify tHat I have provided this document
to the above consumer during the initial interview.